FxWirePro: USD/CNY range-bound as traders await US payrolls data

• USD/CNY was little changed   on Friday  as investors remained on the sidelines ahead of US payrolls data.

• The focus will be on the U.S. non-farm payrolls report for November, due later in the day, as investors try to anticipate the pace of future Federal Reserve rate cuts.

• Payrolls are anticipated to have risen by 200,000 jobs last month, following a modest increase of just 12,000 in October, the smallest gain since December 2020. The unemployment rate is expected to have climbed to 4.2%.

• At GMT 08.54,the dollar was down 0.04% at 7.262 against Chinese Yuan .

 •  Immediate resistance is located at 7.273(Dec 5th high), any close above will push the pair towards 7.295(23.6%fib)

• Support is seen at 7.250(38.2%fib) and break below could take the pair towards 7.241(SMA 21).

Recommendation: Good to buy around  7.260 with stop loss of 7.200  and target price of 7.290